0197 Universal 1 Credit Union Inc

Overview

0197 Universal 1 Credit Union Inc., identified by its Employer Identification Number (EIN) 310387145, is a state-chartered, not-for-profit financial institution. It operates as a member-owned cooperative under the principles of "Not for Profit, Not for Charity, But for Service" and "People Helping People." Established in 1937, Universal 1 Credit Union is dedicated to enhancing personal, community, and financial well-being for its members[1][2].

Financial Structure

Universal 1 Credit Union is classified as a 501(c)(14) organization, which means it is a state-chartered credit union. Donations to this organization are not tax deductible[1].

Revenue Streams

The credit union generates its revenue predominantly from program services, which include an array of financial products and services offered to its members. Investment income also contributes a significant portion to its total revenue. In recent years, program services have accounted for between 81.1% and 98.7% of total revenue, while investment income has ranged from 1.9% to 19%[1].

Expenses

Costs are primarily comprised of salaries and wages for employees, executive compensation, and operational expenses. Salaries and wages typically account for 10.1% to 18.6% of total expenses, while executive compensation ranges from 7.5% to 15.3%[1].

Assets and Liabilities

As of recent filings, Universal 1 Credit Union has maintained total assets of approximately $374 million to $453 million. Concurrently, total liabilities have ranged between $343 million and $419 million[1].

Mission and Values

Universal 1 Credit Union's mission is encapsulated in the slogan, "Where U Come 1st!" The organization is committed to providing high-value banking services that are friendly, trustworthy, and reliable. It aims to deliver service "Beyond What You Expect," emphasizing the importance of creating the best possible experience for its members. Core values include ongoing member service, community engagement, and strong leadership to ensure financial strength[2].

Services Offered

The credit union provides a wide range of financial services, including mortgages, retirement planning, signature loans for personal needs, and financial advisory services. These services are designed to facilitate financial empowerment and support for its members[3].